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De.Fi Introduces Security Tools to Help Mitigate DeFi Risk



De.Fi has announced the launch of security tools for users, including a crypto antivirus on the Arbitrum network. The team emphasized that this is their first crypto antivirus launched on Arbitrum.

The tools, De.Fi Scanner and Shield, help users mitigate DeFi risk by checking for known vulnerabilities and generating comprehensive audit PDFs. According to De.Fi, Shield is an advanced revoking tool that automatically checks smart contracts or scans Arbitrum tokens for known security issues and approvals in users’ wallets. Interestingly, it can also notify users of any high-risk tokens so they can revoke them.

De.Fi offers a DeFi management toolset, comprising a portfolio tracker, audit database, and protection toolkit. Additionally, De.Fi provides a Rekt database that outlines past and present scams, helping users understand them.

The new development suggests an added layer of security for all $ARB users, according to De.Fi. Moreover, users can identify a crypto scam early on and safeguard their wallets from drainers.

To identify a crypto scam using the tool, simply input the contract address of any token, NFT, or staking vault. The tool then displays any potential risks associated with the contract.

The Web3 antivirus suite has detected high-risk issues in $SC (SocialCredit) following its launch announcement. This trending token has gained nearly $50,000+ in market cap.

The antivirus tool reveals a security score of 16/100, emphasizing that the smart contract consists of six issues: two high-risk issues, one medium-risk issue, and several low-risk/informational issues.

A detailed security analysis of the token shows that wallets can be blacklisted from being able to transfer, swap, or sell. The maximum or minimum amount of tokens transferred can be limited; in worse cases, the maximum can be set to zero. The current amount of liquidity available in the checked pairs is below 80K in USD equivalent. Moreover, the top 10 holders’ ratio is 93%, which accounts for an extremely high concentration of tokens centralized in one liquidity pool (LP) contract.

Security has been a concern in the DeFi space due to exploits and hacks resulting in huge losses or, in some cases, rug pulls. A tool such as the De.Fi antivirus suite could help mitigate losses encountered in the DeFi space.

Read also;

Aave v3 sets to be deployed on Scroll Mainnet

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